This paper considers the optimal level of firm-specific training by taking into account the positive effect of training on the expected duration of workers current employment. In the framework of an efficiency wage model, a short expected job tenure represents a disamenity that reduces the...

This paper considers the optimal level of firm-specific training by taking into account the positive effect of training on the expected duration of workers' current employment. In the framework of an efficiency wage model, a short expected job tenure represents a disamenity that reduces the...

In this paper we reexamine the Feldstein-Horioka finding of limited international capital mobility by using a broader view (i.e., including human capital) of investment and saving. We find that the Feldstein-Horioka result is impervious to this change.